Nigerian fintech company focused on mobile payments and financial services, aiming to expand its operations in Kenya.
Moniepoint Enters Kenya After Acquisition of Sumac Microfinance Bank
Moniepoint completed its acquisition of Sumac Microfinance Bank, securing a 78% majority stake. The acquisition was approved by the Central Bank of Kenya and the Competition Authority of Kenya.
After years of trying, Moniepoint breaks into Kenya with Sumac acquisition
Moniepoint secures entry into Kenya by acquiring a 78% stake in Sumac Microfinance Bank. The acquisition provides Moniepoint with immediate access to a deposit-taking license in Kenya.
“In 2026, with fraud no longer a major distraction, fintechs will return to massive growth and innovation.” – Adedeji Olowe
The Central Bank of Nigeria's regulatory interventions have reduced fraud, allowing fintechs to focus on growth. The market for fintech in Nigeria is projected to double this year due to renewed consumer trust.
Kuda MFB to expand experience centres after national licence upgrade
Kuda Microfinance Bank received a national banking license from the Central Bank of Nigeria. The new license allows Kuda to expand its physical footprint beyond its previous geographic restrictions.
Nearly 40% of African startup funding now comes from local investors
African investors accounted for nearly 40% of total startup funding in 2023, up from 25%. Local fund managers have maintained a steady level of investment, indicating a maturing investment base.
